Retiring theOld Age Story Based on the book The Longevity Economy, - PDF document

Retiring the“Old Age” Story Based on the book The Longevity Economy, by Dr. Joseph Coughlin 1

All of a Sudden, There Was a Choice A hat—it was an indispensable part of wardrobes for centuries. Even if you didn’t want to wear one, you did. Then in the early 1960s, seeing one became a rarity. The hat went away. This disappearance represented more than a simple change in fashion. The story we told ourselves—how someone garbs and presents themselves in a public setting—changed almost overnight. Society chose to stop agreeing on one version of how things worked. Instead, it accepted that there could be multiple variations of what could happen atop a head. 2

“Old Age” Is Made Up We’ve all been told a certain story of what aging would look like. And for a long time, we’ve all lived that particular version of “old age.” But what if society’s thoughts about aging are like what happened with hats? What if one day, we all woke up and realized things could change if we wanted them to? We didn’t have to live a vision of old age that was pieced together years ago. Our later years could actually be anything that we want. How did we get to our current concept of aging, and how can we dispel the myths we’ve been told to create our own stories instead? Let’s explore: Where “Old Age” Came From. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 “Old Age” Today . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Retirement Was Made for “Old People”. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Breaking “Old Age” Myths. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10 Elements of My New Story. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12 3

Where “Old Age” Came From Society paints the story of aging adults with a single wide The Origins of Retirement brush stroke—old. But aging unfolds difgerently for everyone, It wasn’t so long ago when a completely difgerent idea of aging and old isn’t really anyone’s defjning attribute, is it? That’s was taken for granted in the United States. Our current story because those considered older are people of every of “old age” began in the second half of the 19th century. conceivable variety: ethnicity, religion, sexuality, medical Though it was fjrst told in a much difgerent world than we live status, interests, political persuasion—and anything else you in today, it’s still the measuring stick we use. could name under the sun. Their identity is more than simply The Union Army Pension, instituted in 1890, provided payments the number of years they’ve lived. to American Civil War veterans and their wives when a recipient Who Came Up With the Concept of “Old Age” Anyway? hit his 60s. Prior to its existence, retirement was not something Our very notion of “old age” is made up. It’s a socially aging workers looked forward to very much. It meant you constructed, historically contingent, and deeply fmawed idea. weren’t too far away from death. This narrowly focused narrative no longer applies to a majority This pension provided the fjrst indication that this norm might of us—yet, we tell it every day. We still agree to live it. change and a subset of the population would voluntarily stop working before they were physically unable to continue. A Time When You Didn’t Retire % working after age 64 75% 19% 1880 2016 In Dr. Joseph Coughlin’s book, “The Longevity Economy,” he states that 75% of workers 65 and older were employed in 1880. By 2016, that number had dropped to 19%. 1 Why? Prior to pensions and Social Security, aging workers knew that if they stopped working, they’d have to rely on family for support. Or worse, they might have to move into an almshouse, where they could have possibly found themselves bunking next to some unsavory characters. 1700s Mid- to Late-1800s Mid- to Late-1800s Most people who received economic assistance Western medicine agreed that to be old was The almshouse arose with the industrialized from outside their family were given outdoor relief: running out of “vital energy”—which, at the time, American city in the mid- to late-1800s. They were money, food, and fjrewood, provided by their was no mere metaphor. Everyone had a fjnite unpleasant, Dickensian places: poorly heated, community or church. reservoir of vital energy that gradually depleted fjlled with rough characters, and manned by over the course of a lifetime. disciplinarians devoted to the character-building value of grueling work. 4

A Problem to Solve Society’s collective decision was to create a narrative in which there was a natural time for you to essentially get ofg the grid. For the younger people who were jockeying for your job, the notion was that only young, able bodies were needed to have a productive factory. Society was run the way you’d operate a mill. Business, industry, and the government wanted to justify moving people out of the workforce to make space for younger workers, so they started to create things, such as an offjcial retirement age. This is when there began to be a scaling back of work, typically in a person’s early to mid 60s. This worker mindset continues today for all occupations. “Retirement was not something older workers looked forward to. It entailed a crippling loss of income and usually came with a loss of social status. People tended to put it ofg for as long as possible.” —Dr. Joseph Coughlin, Director of the MIT AgeLab 1875 1889 1890 The fjrst corporate pension in the US was Germany became the fjrst nation to adopt an The Union Army pension provided for all veterans established by the American Express Company. old-age social insurance program. It was designed who had served at least 90 days in the Union Workers who met certain criteria by the age of by its chancellor, Otto von Bismarck. Initially set at armed forces, were honorably discharged from 60 received half of their annual salary, up to a 70, retirement age was lowered to 65 in 1916. service, and were unable to perform manual maximum of $500. labor, regardless of their fjnancial situation or when the disability was sufgered. 5 Confederate veterans weren’t eligible.

“Old Age” Today By the dawn of the 20th century, once you’d become visibly work, products, and culture, but never producers of them older, no matter your apparent health, no matter how sharp has survived well into the 21st century. They’re always takers, your mind seemed, all you could hope to do was withdraw never givers according to this story. and rest, saving your vitality for as long as you could. Crucially, Aging adults now included people with time and money, so you could no longer work; “old age” now changed you from an marketers created a desirable vision of leisure, travel, and economic producer into a consumer. retirement communities. And today, we still want that, because This since-debunked idea soon wormed its way into every there is no equally compelling alternative. Despite the fact that aging-related institution we now take for granted: the fjrst we’re living longer and in more functional health than ever government pensions, corporate retirement policies, and before, we’ve kept this story of “old age” going. dedicated old-age homes. Retiring the 20th Century Vision Living Someone Else’s Story Because many of us can plan on two-plus decades of healthy life As we started living longer, there were suddenly a lot more after we turn 60, full retirement is likely not going to arrive for aging adults living on past their prime working days. The a long time. Living 20 or 30 years after we totally stop working idea that this group is supposed to be consumers of ideas, demands more than an occasional cruise or family visit. The Villages: A Planned Life of Leisure 2 An Ideal Retirement? 77 % 124,000 50,000 630 100 Residents Golf Carts Golf Holes Miles of Golf Cart Path of people surveyed said they’d like to The Villages is shaping the narrative of retirement today. This popular spend their time on hobbies, relaxing, Florida-based retirement community is the fastest-growing metropolitan area in the US. The story of old age fjlled with leisure and fun is a popular or traveling 3 choice for many because it’s the most visible choice. 1904 1935 1960 US President Theodore Roosevelt issued an US President Franklin D. Roosevelt signed the Del Webb’s Sun City becomes the world’s fjrst executive order making it offjcial that by age, not Social Security Act of 1935 into law. The system it major retirement community. It began a new way symptoms, all Union vets were considered half created would help provide aid for the elderly, the of thinking about retirement as a well-deserved disabled at age 62, two-thirds disabled at 65, and unemployed, and children. reward for a long, hard career. fully disabled at 70. 6